just another auction (verkman)

[Leon]

We work for our consignors, plain and simple. Since implementing this ending strategy we have unequivocal evidence that the ending has made it where many lots get many more bids. We have given it a ton of thought and this is our method. It's best for our consignors and actually our bidders too. I can't tell you how many times I have not bid on something in an auction, then wanted to bid, but couldn't because I hadn't bid yet. It has happened to me (and no doubt almost everyone reading this) many times. As for the extension.....the extended bidding has to do with the time to close. Once we are in that time then any 15 minute increment (based on 4 equal ones every hour) that doesn't get a bid, means the auction closes automatically. We have no control over it, our bidders do. This has been our way of ending auctions for the last 3-4 and so far there have been no issues. Scott and I feel there probably isn't a perfect solution to ending....just like many good debates on this board, all sides have their pros and cons. Hope this helps.

ps...in about 10 minutes I will be out, on business, until after lunch so won't be responding to any other questions until later......